Business news from Ukraine

“Naftogaz” paid UAH 47 bln in taxes to state budget

In January-June 2024, Naftogaz Group paid UAH 44 billion in taxes to the state budget of Ukraine and another UAH 3.2 billion to local budgets, the company said on its website on Thursday.
In particular, in June, UAH 8.7 billion was paid to the state budget and UAH 0.5 billion to local budgets.
“Despite the military challenges, we continue to work steadily, save jobs, fill the budgets of all levels and strengthen the economy of our country,” said Oleksiy Chernyshov, Chairman of the Board of Naftogaz of Ukraine.
As reported, in 2023, Naftogaz Group companies paid UAH 90.2 billion in taxes, UAH 83.4 billion of which went to the state budget and UAH 6.8 billion to local budgets.

, ,

Cabinet of Ministers approves agreement with US on $7.85 bln in aid to Ukrainian budget

At a meeting on Thursday, the Cabinet of Ministers approved an intergovernmental agreement with the United States to raise $7.849 billion in economic aid for the Ukrainian budget.

“Today we are approving a draft agreement between Ukraine and the United States, which will allow Ukraine to receive about $7.9 billion in financial and economic support. These are funds under the new US aid package that will be allocated to the Ukrainian budget,” Shmyhal said at a government meeting.

According to the text of the agreement, published in Telegram by MP Yaroslav Zheleznyak, another $50 million will be allocated to prevent and respond to food insecurity, but the list of recipient countries will be determined later.

In addition, Ukraine may be among the countries that will receive another $1.575 million in economic assistance.

It is noted that the United States provides funds on an interest-free loan with the condition of repayment in one payment 40 years after September 30, 2025. At the same time, the agreement provides for the possibility of writing off part or all of this debt by the US President: after November 15, 2024, up to 50% of the loan may be canceled, and after January 1, 2026, the entire amount of debt may be canceled.


State budget received UAH 616 mln from tourism industry

Representatives of the tourism industry paid UAH 616 million 391 thousand to the budget in the first quarter of 2024, which is 61% more than in the same period of 2023, when the budget received UAH 383 million 221 thousand, the press service of the State Agency for Tourism Development (DART) reports.

At the same time, they clarify that before the full-scale invasion in 2021, the state budget received UAH 629 million 135 thousand.

“The budget revenues for the first quarter of this year clearly demonstrate that tourism has not only adapted to the difficult working conditions during martial law, but is also developing, creating jobs and supporting local communities. Taxes from the tourism industry are an important part of the economy that is now working to support our army,” said DART Head Mariana Oleskiv, quoted in a press release.

The agency noted that in January-March, the total number of taxpayers engaged in tourism activities increased by 19% compared to the first quarter a year earlier. The number of legal entities increased by 6%, and individuals by 24%.

The largest share of state budget revenues (64%) was paid by hotels – UAH 395 million 194 thousand. This is 69% more than in the same period in 2023 (UAH 233 million 693 thousand) and 32% more than in the same period in 2022 (UAH 299 million 782 thousand). In the pre-war year of 2021, in January-March, the treasury received almost the same amount from hotels – UAH 394 million 576 thousand.

Tax revenues from the activities of tour operators have doubled – UAH 88 million 727 thousand compared to UAH 44 million 854 thousand for the same period last year. In 2021, the state treasury received UAH 47 million from tour operators.

In addition, tax revenues from the activities of travel agencies also increased – UAH 50 million 330 thousand compared to UAH 33 million 844 thousand for the same period in 2023 and UAH 46 million 238 thousand in January-March 2021).

In 2024, the share of tax paid by tourist centers and children’s recreation camps increased by 41%. In the first quarter, the budget received UAH 36 million 180 thousand of tax from these accommodation facilities, compared to UAH 25 million 653 thousand in the first three months of last year. However, compared to the same period in 2021, tax revenues fell by 70% from UAH 119 million 183 thousand.

There was an increase in taxes paid from campsites and parking lots for residential caravans – UAH 704 thousand against UAH 499 thousand. Although compared to 2021, taxes from these accommodation facilities are halved, the budget received UAH 1 million 535 thousand.


Tax revenues to Ukrainian budget in April decreased

Receipts of taxes, fees and mandatory payments to the general fund of the state budget of Ukraine, according to operational data, in April amounted to UAH 153.6 billion compared to UAH 164.3 billion in March and UAH 184.8 billion in February, such operational data (as of 16:00 on April 30) reported the Ministry of Finance on Tuesday.

According to its data, the most of all reduced receipts of payments from the State Tax Service – to 59.7 billion UAH from 105.7 billion UAH in March and 107.4 billion UAH in February, which is due to high payments in previous months of income tax, in particular, by banks, as well as advance payments.

It is pointed out that in April, income tax revenues amounted to only UAH 3.2 billion against UAH 60.1 billion in March and UAH 61.0 billion in February, but in April, part of its profit of UAH 38.64 billion was transferred to the budget by the National Bank, although the Ministry of Finance does not mention it in the summary.

As for other taxes, personal income tax and military levy increased to UAH 16.5 billion (UAH 15.7 billion) in April, rents to UAH 5.5 billion (UAH 1.4 billion), and excise tax to UAH 11.5 billion (UAH 9.2 billion).

Value added tax also increased to UAH 22.8 billion (UAH 18.0 billion): collected UAH 34.8 billion (UAH 29.0 billion), refunded – UAH 12.0 billion (UAH 11.1 billion).

Receipts from the State Customs Service increased in April to UAH 48.9 billion from UAH 45.8 billion in March and UAH 39.8 billion in February. As the head of the specialized parliamentary committee, Daniil Getmantsev, pointed out on Tuesday, about 2.5 billion hryvnias of additional revenue came from the unblocking of the Polish border over the past week.

The Finance Ministry pointed out that the monthly revenue estimate of the general fund of the state budget, according to operational data, was exceeded by 29.5% (+35 billion UAH), including by the State Tax Service – by 7.9% (+4.4 billion UAH), while the State Customs Service – by 14.5% (+6.2 billion UAH).

In addition, the general fund of the state budget received UAH 2.7 billion of international aid in the form of grants in April, compared to UAH 3.1 billion in March and UAH 31 billion in February.

“In general, according to operational data, at the end of April 2024, the general and special funds of the state budget received UAH 200.8 billion (UAH 225.9 billion in March and UAH 229.0 billion in February) of taxes, fees and other payments. In addition, about UAH 40.1 billion (in March – UAH 39.0 billion) in the form of ERUs was received by the Pension Fund and social insurance funds,” the ministry added, thanking taxpayers for your contribution to the support of the Ukrainian army and financial stability of the country.

Data on expenditures in April are not yet available.

As reported, the Verkhovna Rada adopted the state budget for 2024 with a deficit of UAH 1.57 trillion, or 20.6% of projected GDP. Revenues of the state budget-2024 are set at UAH 1.77 trillion (not taking into account possible grant aid), expenditures – UAH 3.36 trillion at an average annual exchange rate of UAH 40.7/$1.

State budget-2023 revenues amounted to UAH 2.67 trillion, of which grant aid amounted to UAH 0.43 trillion. Cash expenditures of the state budget for the past year exceeded UAH 4 trillion, and the deficit amounted to UAH 1.33 trillion at an average annual exchange rate of about 36.6 UAH/$1.
Earlier Experts Club analytical center and Maxim Urakin released a video analysis of how the GDP of the world’s countries has changed in recent years, more detailed video analysis is available here – Subscribe to Experts Club YouTube channel here –

, , , , , , , ,

Oschadbank to pay UAH 6 bln in income tax and dividends to budget

State-owned Oschadbank (Kyiv) has so far paid UAH 4.2 billion in income tax and UAH 0.7 billion in dividends to the budget based on the results of its operations in 2023 and plans to make another final payment of UAH 1.1 billion, the Oschadbank press service said at the request of Interfax-Ukraine on Wednesday.

“The budget will receive a total of UAH 6 billion from income tax and dividends, UAH 0.5 billion is taken into account in the calculations for previous periods,” the press service of the financial institution noted.

According to the finalized financial results, the bank earned UAH 6 billion in net profit last year, which, according to the bank, is the second highest figure in the market after PrivatBank.

As of March 1, 2024, Oschad ranked second in terms of total assets (UAH 376.4 billion) among 63 banks in the country.

, , ,

State Aviation Enterprise “Ukraine” announced tender for civil aviation risk insurance with budget of UAH 26.7 mln

On April 22, Ukraine State Aviation Enterprise (Boryspil, Kyiv region) announced a tender for insurance of the liability of the operator of a commercial civil aircraft for damage caused to third parties and the liability of the air carrier for damage caused to passengers and baggage; aircraft insurance.

According to a posting in the Prozorro electronic public procurement system, the tender was announced for insurance of aircraft crew members, other aviation personnel and persons who have the right to be on board the aircraft legally without purchasing tickets.

The expected value of the insurance procurement is UAH 26.674 million.

The amount of the contract performance security is 5% of the value of the procurement contract, in monetary terms, in UAH.

The deadline for submitting bids is April 30.

Ukraine State Aviation Enterprise was established to organize, provide and perform special air transportation of high-ranking official delegations of Ukraine and other states within the country and abroad in compliance with the requirements and rules set forth in the relevant regulatory documents.

, , , ,